Ready to own your chair? 5 tips for success
Congratulations, you finally feel ready to make the jump from commission-only to chair renter (yay!). It’s an exciting time, filled with endless possibilities and potential but can definitely feel scary. Don’t worry, I’m here to help!
When you were a commission stylist, majority of your costs were taken care of by your employer. Now these hidden costs will be in plain sight and the best way to handle them is by prioritizing them.
The benefit of prioritizing expenses is that it will help insulate you from falling behind and feeling overwhelmed each week with the payment process.
Here are 5 tips to help you succeed when making that jump, while balancing your new costs.
Research costs. Gather estimates for the costs of rent, supplies, equipment, and other expenses. Make sure your overhead does not exceed weekly revenue. This is so important as you consider rental options, otherwise you will be in a continual state of trying to catch up.
Price your services accurately. Don’t know how, check out our sheets for breakdowns!
Track every dollar. Knowing how your money is coming in and going out is the first step to becoming more efficient and profitable.
Create a budget based on your income. Use the estimates you gathered to create a budget that includes all of your expenses. Be sure to include a cushion for unexpected costs that may come up and prioritize reinvestment in your business.
Continually monitor your expenses and budget to make reinvestment a priority. Reinvestment in your business for things like marketing and training will lead to more revenue and long term growth for you.
Bottom line, put the work in upfront and reap the rewards and freedom of being your own boss. There’s nothing like it!